Pub baron’s lavish life-style whereas owing $1bn criticised

28072025 – High-profile businessman Jon Adgemis driving his Mercedes Benz AMG G63, at present value round $260,000. Picture: Liam Mendes / The Australian

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Pub baron Jon Adgemis lives in a Bondi Beach penthouse and continues to drive a Mercedes whereas owing the Australian Tax Office $162m.

These have been maybe among the many causes his try and settle a reported $1.5bn in money owed at a gathering of collectors on Friday have been blocked.

The Australian Tax Office reportedly wrote to bankrupty trustee WLP Restructuring, sad that the taxpayer was prone to see simply 0.17c within the greenback.

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Adgemis purchased the previous Noah’s Backpackers in Bondi Beach for $68.5m in 2022.

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The taxpayer would most likely simply see $275,347 in opposition to the near $162m it’s owed.

“It’s not apparent from the context of the report whether the controlling trustees have engaged in meaningful discussions with the debtor for a return to creditors, beyond the meagre sum being offered,” wrote deputy commissioner Julian Roberts, in line with The Australian.

He stated that was related since Adgemis was residing in a Bondi house with a $60k rental, “the apparent access to monies and lifestyle not befitting an individual indebted for over $1bn and purporting to rely on relatives funds to provide creditors any return on their debts.”

Mr Adgemis would keep away from chapter and permit him to stay an organization director if 75 per cent of his collectors by greenback worth settle for his deal.

Angas Securities seized the house block (proper) final April, and is now planning to place it up on the market in spring.

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But the Australian Financial Security Authority, which oversees bankruptcies, stunned the assembly of collectors by showing in a video hyperlink.

It put any decision on on maintain for a month, with the nationwide supervisor Neville Matthew telling the assembly that the authority was but to resolve if there have been “contraventions of the bankruptcy act” however the inspector common was involved a couple of report by the chapter trustee.

In a restructuring report for collectors, Mr Adgemis reported $3.79 in his checking account.

One of the collectors, Adelaide-based Angas Securities, who’s owed almost $18.5m, was proud of Friday’s consequence.

High-profile businessman Jon Adgemis in Darlinghurst on Wednesday. Picture: Liam Mendes / The Australian

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“I’m gratified by the Inspector General taking a robust review,” stated Angas Securities’ government chairman Andrew Luckhurst-Smith.

Angas Securities stepped in final April to grab the house constructing on Campbell Pde, which shaped a part of Adgemis’s $68.5m purchase of the Noah’s Backpackers website in June, 2022.

Mr Luckhurst-Smith is now planning to place the house increase on the market in spring, and is eager for Mr Adgemis to retain management of the revamp of the neighbouring website, now referred to as South Bondi Hotel.

Waverley Council permitted the plans, which is able to embody a rooftop bar, in February this 12 months.

“It will have the best view in Bondi, straight down the beach,” Mr Luckhurst-Smith stated.